By how much does car insurance drop when you TURN 25 yr/old

[purbeast0]

I have always heard that when you turn 25 your car insurance drops in price as long as you have a good driving record and all that stuff. I am 23 now and turn 24 in November and I am trying to hold off until I'm 25 until I purchase a "new" car (as in, new to me, not brand new).

I think my current car will hold off until then so I should be okay, but is the difference in insurance when you turn 25 that drastic? or is it just a little bit.

 

[bobcpg]

Hey I turn 25 this november and will let you know. I too am thinking about getting a "new" car because of my insurance drop. currently using http://www.insurancepanda.com/

 

[radioouman]

Mine went from $700 per six months to $500 when I got married, and then to $400 when I turned 25.

 

[purbeast0]

Originally posted by: bobcpg
Hey I turn 25 this november and will let you know. I too am thinking about getting a "new" car because of my insurance drop

:thumbsup:

sweet, and by the time i turn 25 (2006), the car I have always wanted will be 5 years old and will be cheaper by then too .

 

[radioouman]

Originally posted by: bobcpg
Hey I turn 25 this november and will let you know. I too am thinking about getting a "new" car because of my insurance drop

Ya, that's sound thinking... :roll:

 

[purbeast0]

Originally posted by: radioouman

Originally posted by: bobcpg
Hey I turn 25 this november and will let you know. I too am thinking about getting a "new" car because of my insurance drop

Ya, that's sound thinking... :roll:

maybe he's in the same boat as me you genius, or maybe he has extra cash and wants a car but can hold off until he will get his insurance break?

:roll:

 

[radioouman]

Originally posted by: purbeast0

Originally posted by: radioouman

Originally posted by: bobcpg
Hey I turn 25 this november and will let you know. I too am thinking about getting a "new" car because of my insurance drop

Ya, that's sound thinking... :roll:

maybe he's in the same boat as me you genius, or maybe he has extra cash and wants a car but can hold off until he will get his insurance break?

:roll:

The problem here is that in general, insurance costs go up every year for every car.
For example, a car that I bought in 2002 cost me $430 per six months for my wife. That premium will never change, until I buy my next car, and then it will jump significantly.

By buying a newer car, you insurance will almost always go up, unless you are going from (for example) a sports car to a 4 cylinder sedan.

Chances are, you'll lose the small benefit of turning 25 if you buy a new(er) car as soon as you turn 25.

 

[vi edit]

Mine dropped about 40%. I got married within 30 days of my 25th birthday too, so they just applied the marriage discount instead. They said that the discounts were roughly the same, just that the married one looks better.

This was with allstate.

 

[Koenigsegg]

If you hit a 25 yr/old there's no doubt your insurance will go up.

Best solution is to hit and run.

 

[purbeast0]

Originally posted by: Koenigsegg
If you hit a 25 yr/old there's no doubt your insurance will go up.

Best solution is to hit and run.

LOL smartass

there, i edited the topic incase some people can't clearly read, as you apparently couldnt

 

[ActuaryTm]

The short answer is "it depends".

The long answer is "it depends", followed by a three hour presentation on loss ratio relativities based on age cohort.

 

[KLin]

mine dropped by about 40 bucks a month.

 

[purbeast0]

Originally posted by: radioouman

Originally posted by: purbeast0

Originally posted by: radioouman

Originally posted by: bobcpg
Hey I turn 25 this november and will let you know. I too am thinking about getting a "new" car because of my insurance drop

Ya, that's sound thinking... :roll:

maybe he's in the same boat as me you genius, or maybe he has extra cash and wants a car but can hold off until he will get his insurance break?

:roll:

The problem here is that in general, insurance costs go up every year for every car.
For example, a car that I bought in 2002 cost me $430 per six months for my wife. That premium will never change, until I buy my next car, and then it will jump significantly.

By buying a newer car, you insurance will almost always go up, unless you are going from (for example) a sports car to a 4 cylinder sedan.

Chances are, you'll lose the small benefit of turning 25 if you buy a new(er) car as soon as you turn 25.

yea, no shlt ... but as we both said, we were talking about "new" as in new to us cars. i know the car i want is a 2001, so by your theory, that means that my insurance is going to drop yearly on that car until i purchase it, not go up. and then when i hit 25 it will drop even more.

either way, if i get a newer car now the insurance would cost more than if i got a newer car in a year when i am 25.

 

[MaxDSP]

I'll be 24 in November also :Q

 

[purbeast0]

Originally posted by: MaxDSP
I'll be 24 in November also :Q

you probably have me beat, i'm near the end of the month.

 

[Anubis]

Originally posted by: purbeast0

Originally posted by: MaxDSP
I'll be 24 in November also :Q

you probably have me beat, i'm near the end of the month.

august bitches

 

[CRXican]

I don't know about the whole 25 year old thing however I was given a significant discount by Mercury insurance for having been insured non-stop for 5 years

policy went from the $900 range to the $600 range, I'm only 21 years old

 

[ActuaryTm]

Originally posted by: purbeast0
either way, if i get a newer car now the insurance would cost more than if i got a newer car in a year when i am 25.

Having priced auto insurance rates for a number of years, I can tell you age isn't as big of a discrete determining factor as it once was.

One the factors affecting rates more and more these days? Credit score.

 

[purbeast0]

Originally posted by: ActuaryTm

Originally posted by: purbeast0
either way, if i get a newer car now the insurance would cost more than if i got a newer car in a year when i am 25.

Having priced auto insurance rates for a number of years, I can tell you age isn't as big of a discrete determining factor as it once was.

One the factors affecting rates more and more these days? Credit score.

well I also have real good credit, over 725 average score so that should help me then too huh

 

[EagleKeeper]

Ask your insurance agent.

 

[Zoblefu]

Mine dropped from ~$750 / 6 mo to ~$500 / 6 mo... but a speeding ticket I got around when I turned 22 fell off my record at the same time.

 

[shortylickens]

I dont what the big deal is about 25. All the insurance companies I talked to didnt give a damn how old you are. What mattered to them was how many years you had been driving.
Many companies give a discount when you have had a licence for 9 years. For most of us that would be around age 25. But if you got your licence late, then you have to pay the higher insurance until you hit the 9 year mark.

For me: $186 for six months of FULL coverage in California.
I just hit 25 (and 9 years of driving) and I've only had one minor speeding ticket.
According to CA I am a good driver and an exemplary driver (two more discounts).
I also drive my car 6000 miles a year, (low-mileage discount).
Altogether my price is slightly less than half of what it should be for a single male.

So long as I dont get any road rage I'll be alright.

 

[Dulanic]

With state farm they told me it would drop from $750 to $500 when I hit 25, but I switched to esurance.com... they told me it wont drop because I turn 25, its based purely on driving history and how long youve been driving, so it will just continue to slowly drop as my driving history gets longer and longer. Hey that way kind of makes sense doesnt it? LOL. Either way it was cheaper now through them ($470 every 6 months) then state farm was going to be when I turned 25 anyways.

 

[stan394]

Geico tells me that in the state of CA, they go with years of license, not the age....

 

[Storm]

Heres my thread on my drop